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CTL Strategies shortlisted for International Tax Review’s Asia Tax Awards

CTL Strategies LLP has been shortlisted by the International Tax Review as one of the Best Newcomer of the Year in Asia for the Asia Tax Awards 2020.

The International Tax Review (‘ITR’) – an international publication which provides the news analysis on tax policy and tax advice around the world – holds the Annual Asia Tax Awards to recognise achievements and developments by international tax professionals from the Asia-Pacific region. The firm is proud to be short-listed amongst several leading tax and legal professionals operating across Asia-Pacific.

Recent News

Brief on Guideline for Restarting Tourism in the Maldives

This publication gives a brief of the Guideline for Restarting Tourism in Maldives published by the Ministry of Tourism outlining the measures that need to be followed to ensure the safety of tourists and residents.

Our brief summarises the Guideline in the perspective of:

  1. Tourists: covering procedures in place from the port of entry to departure.
  2. Tourist Establishments: covering the general requirements for all tourist
    establishments and support businesses and the specific requirements for
    guesthouses and foreign vessels.

The Ministry of Finance Issues a Circular on Deferment of Land Rent

The Ministry of Finance, on 28 June 2020, issued a Circular with details in implementing the deferment of land lease announced by the President during his public address on 20 May 2020.

As per the Circular, resort land rent payments for the third and fourth quarter of 2020 has been deferred until 1 June 2021. Land rent payments other than resort land rent, that fall within the period 1 June 2020 to 31 December 2020 has also been deferred until 1 June 2021.

The deferred land rent payments are to be paid from 1 June 2021 onwards, and have to be settled within a period of 1 year from 1 June 2021, meaning that land rent payments payable for the last two quarters of 2020 will be divided into quarterly payments commencing from 1 June 2021. As such, tourism businesses will be required to make the payments in June 2021, September 2021, December 2021 and March 2022.

Businesses that are unable to meet the new deadlines will be subject to late payment fines and interest from the due date of the deferred payments. The Ministry of Finance has also instructed the relevant government ministries to amend lease agreements, where necessary, to comply with the deferment provisions given in the circular.

Overview

Residential Tenancy Bill

Tax Alert

Transfer Pricing Regulation

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Calculating your interim payment for 2020